SPORTACCORD 2024 INSIGHTS: Sport’s Perfect Storm
23 May 2024 14:34
Members of London-based Wentworth Golf Club, are reportedly ready to start a lawsuit against the club’s Chinese owners, the Reignwood Group (Chinese: 华彬集团).
It is said that a top local law firm has been employed to challenge the Beijing-based property development conglomerate, over its plans to slash membership numbers and dramatically hike joining fees.
The club, home to the annual PGA tournament, was bought by the Reignwood founder, Chinese-Thai entrepreneur Chanchai Ruayrungruang, for £135m in 2014.
Last year, the club’s members were told that, from April 2017, the membership will be reduced from 4,000 to 800, and that those invited to rejoin the club would be charged a one-off “debenture” of £100,000.
In addition to this, the annual fees are set to rise from £8,000 to £16,000 and new members will be asked to pay £125,000 to join, instead of the current fee of £15,000. Members and residents claim Reignwood want to turn the club into an exclusive enclave for the mega-rich, “many of whom won’t live full-time on the estate or in the UK”.
Source:scmp.com
Proofread by John Devlin
Interview with Thomas Lund: to follow new trends and bring younger generations to the sport
17 Jun 2024 16:00
Related coverage
TAG Heuer sues CBA agent Infront China
10 Nov 2015
Ali Sports partners with World Rugby
11 Apr 2016
Chinese shareholder of Espanyol launches a sports unit
09 Nov 2015
City Football Group to open office in Shanghai
25 Dec 2015
Doing Now raises RMB500 million
28 Sep 2017
More from Yutang Sports
Hisense Named Official Partner of FIFA Club World Cup 2025
01 Nov 2024
SPORTACCORD 2024 INSIGHTS: Major Technology Trends Shaping Sports Sector
03 Jun 2024
Interview with Andreas Zagklis: to keep popularization of basketball with all-round strategy
08 Jul 2024
Interview with Thomas Lund: to follow new trends and bring younger generations to the sport
17 Jun 2024
The United States Tops Skema Publika's First Annual Sport and Soft Power Ranking
27 Mar 2025
Yutang Sports
loading...